European Central Bank · Key interest rates, euro short-term rate and euro area AAA yield curve, end of month
What are the European Central Bank's interest rates and the euro area's bond yields?
The month ended : of the 2 lines, the change over a year was largest for Deposit facility rate, up 0.500 percentage points, and smallest for Main refinancing rate, up 0.500 percentage points.
ECB rates and euro area yields, policy and overnight rates, each month
- Deposit facility rate2.500-0.500 to 4.000
- Main refinancing rate2.6500.000 to 4.500
- Euro short-term rate2.437-0.593 to 3.899
ECB rates and euro area yields, government bond yields, each month
- Euro area 2-year yield3.159-0.930 to 3.159
- Euro area 10-year yield3.582-0.653 to 3.582
Each row is one line of the page over the last ten years, one month to a point, on a scale shared by the rows of the tab, with its newest value and its range printed beside it and a dashed line at zero. A gap is a month with no value. Pointing at the chart shows the month and the value.
Observed .
Right now
Over a year to October 2026, of the 2 lines on this page the change was largest for Deposit facility rate, up 0.500 percentage points, and smallest for Main refinancing rate, up 0.500 percentage points.
Of these lines, 2 rose, 0 fell and 0 did not change over the year (ours, from the published values).
By lineOver a year, ours
ECB rates and euro area yields, change over a year, by line
- Policy and overnight rates
- Government bond yields
Each bar is the change in one line over a year, the largest first, with its rank at the left and its newest value under the figure. A line with its own page links it from its name. A change below zero runs to the left of the zero line. The colour says which section of the page a line is in.
Observed .
ECB rates and euro area yields, change over a year in each month
| Line | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Deposit facility rate | −1.250 | −1.000 | −1.000 | −0.750 | −0.500 | −0.250 | −0.250 | +0.250 | +0.250 | +0.250 | +0.500 | +0.500 |
| Main refinancing rate | −1.250 | −1.000 | −1.000 | −0.750 | −0.500 | −0.250 | −0.250 | +0.250 | +0.250 | +0.250 | +0.500 | +0.500 |
| Euro short-term rate | −1.238 | −0.984 | −0.986 | −0.728 | −0.486 | −0.226 | −0.231 | +0.261 | +0.265 | +0.265 | +0.521 | – |
| Euro area 2-year yield | +0.097 | +0.097 | −0.006 | +0.006 | +0.594 | +0.906 | +0.720 | +0.631 | +0.825 | +0.935 | +1.168 | – |
| Euro area 10-year yield | +0.589 | +0.501 | +0.373 | +0.257 | +0.291 | +0.536 | +0.407 | +0.245 | +0.464 | +0.554 | +0.803 | – |
Each chip is one month's change from the same month a year earlier. The mark in its middle is zero: a fill to the right of it is a rise and a fill to the left a fall. A longer, brighter fill is a larger change, in five steps up to 1.000 and over. Every chip prints its figure and sign. A dash is a month with no figure.
Observed .
Understanding ecb rates and euro area yields
Where it stands today
The largest change over a year was Deposit facility rate, up 0.500 percentage points, in October 2026.
What do the lines of this page measure?
The European Central Bank (ECB) sets three key interest rates for the euro area; this page shows two of them, the deposit facility rate and the rate of its main refinancing operations. The euro short-term rate (€STR) is the rate at which banks of the euro area borrow from each other overnight without collateral, a series that begins in October 2019. The yields are the 2-year and 10-year spot rates of the ECB's yield curve for euro area government bonds with an AAA rating.
Read more
What 500metrics adds: the value at the end of each month, the change over a year of every line, ranked across the page; the last ten years of every line as rows of small charts; and a table of the change over a year in each of the last twelve months.
The numbers behind the chart
What is the latest value of each line?5 lines, in the sections of the page
| Line | Section | Month | Value | Change over a year | Rank |
|---|---|---|---|---|---|
| Deposit facility rate | Policy and overnight rates | 2.500% | +0.500 pts | 1 | |
| Main refinancing rate | Policy and overnight rates | 2.650% | +0.500 pts | 1 | |
| Euro short-term rate | Policy and overnight rates | 2.437% | +0.521 pts | n/a | |
| Euro area 2-year yield | Government bond yields | 3.159% | +1.168 pts | n/a | |
| Euro area 10-year yield | Government bond yields | 3.582% | +0.803 pts | n/a |
The table scrolls sideways; the first column stays in place.
What do these figures leave out, and how are they cited?Limits, dates and how to cite
What this number cannot tell you
- The ECB publishes these series every day (the yields and the euro short-term rate on business days). A month's value here is the value of the last day of the month that has one, and a month shows only after the ECB has published a day of the month after it.
- The two policy rates are rates in force: the ECB gives the date each change takes effect. The ECB's series of the main refinancing rate is the fixed rate of its operations, or the minimum bid rate in the years its operations were auctions.
- The ECB estimates the yield curve with a model from the prices of euro area government bonds rated AAA, so a yield is an estimate and not the price of a bond. The euro short-term rate is the ECB's volume-weighted trimmed mean of unsecured overnight borrowing.
- The changes and the ranks are ours, worked out from the values the ECB publishes, and the monthly values are ours, taken from its daily ones; a change is in percentage points. The ECB publishes the yields to many places and 500metrics holds each to six, rounded half to even.
Observed . Checked .
How to cite this
European Central Bank, key interest rates, euro short-term rate and euro area yield curve, Key interest rates, euro short-term rate and euro area AAA yield curve, end of month, through October 2026. Compiled by 500metrics, "What are the European Central Bank's interest rates and the euro area's bond yields?", https://500metrics.com/euro-area-interest-rates.
Can the data be downloaded?euro-area-interest-rates.csv
Download the last ten years of every line as CSV: 566 rows, to , 38,819 bytes.
Our text and compilation: CC BY 4.0.
Page updated
Sources
European Central Bank, key interest rates, euro short-term rate and euro area yield curve (source) Terms: ECB terms of use.